Today delegation of State Oil Company of Azerbaijan (SOCAR) will depart to Russia to attend the International Economic Forum in Saint Petersburg on June 16-18.
During the Forum SOCAR administration led by President Rovnag Abdullayev will meet with Aleksei Miller, chairman of Board of Russian gas company Gasprom.
SOCAR has several issues to discuss with Gasprom. In May 2016 SOCAR President Rovnag Abdullayev told journalists that Azerbaijan has submitted its proposals on Russian gas import to Gasprom. He added that the proposals include various volumes of import, which vary between 3 and 5 bcm.
Why does Azerbaijan need to import gas, if since 2007 the country exports gas? SOCAR’s President explained that more associated gas is pumped into the oil beds to prevent reduction of oil production. Both SOCAR and BP-Azerbaijan cannot do that, because part of associated gas is pumped to the coast for the needs of the local market. Abdullayev said if a big volume of gas is injected into the wells, oil production will go up and then profits of the companies and the state from oil will increase as well. One can pay for that with imported gas and another problem will be solved – natural gas is more efficient, than associated gas.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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